Strong Ballard Location - Only 218 units are under construction in the Ballard Submarket, when shovels go down returns go up as we enter a new rent growth cycle in the Ballard Submarket of Seattle. Significant Upside - Rare 7.85% Market Cap Rate in the heart of Ballard, one of Seattle’s most popular rental neighborhoods. Great Unit Mix - All Two Bedroom Two Bathroom Apartment Homes with room to add Washer & Dryers and execute cosmetic renovation to drive value creation. Outsized Return Potential - End of Year 5 Levered Yield of 28.30% and All Cash IRR of 17.35%. Future Land Bank - Secure investment with multiple exit strategies including future sale to developer or develop as investor a 59 Unit SEDU Apartment Building with current income while pursuing permits.